Private insurer Bajaj Allianz Life Insurance today launched a new market-linked Life Assure Insurance Plan that offers the benefit of protection along with financial planning.

Life Assure is a unit-linked endowment plan available at a minimum monthly premium of Rs 1,000, which is the lowest in the industry, Bajaj Allianz Life said in a release issued here.

The plan offers two variants -- Life Assure 'Sure' and Life Assure 'More' to cater to varying risk appetites of different customers.

It also offers three new unique riders to choose from for enhanced protection -- accelerated critical illness, super premium waiver and extra cover benefit.

"We believe small savings on a regular basis is the best way to achieve a long-term financial goal, and this is the thought behind Life Assure Insurance Plan. The plan is ideal for those looking to invest in market-linked financial instruments but may not have large surplus funds or the investment know-how," Bajaj Allianz Life Insurance Head of Market Management Rituraj Bhattacharjee said.

"With a low monthly premium of only Rs 1,000, we believe it will become more accessible to those who may have been apprehensive about doing so earlier," he said.

The minimum entry age for the plan is one year and 18 years in case of additional rider benefits, while the maximum entry age is 65 years and 50 years in case of accelerated critical illness rider benefits.

Similarly, the minimum age at maturity is 18 years and maximum age at maturity is 75 years in accelerated critical illness rider benefits.

The policy term is 10, 15 and 20 years and also provides tax benefits, it added.

Bajaj Allianz is a joint venture between Germany's Allianz SE and Bajaj Finserv (recently demerged from Bajaj Auto).